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Japan's local media reports Mitsubishi Motors Corp. has used inaccurate fuel economy data for supplemental models that are outmoded and intends to divulge the issue soon to Japan's transport ministry. The automaker confessed in April of exaggerating the fuel economy on four of its mini-vehicles. Two models involved were made for Nissan Motor Co. and has stated that their own probing has verified that improper mileage calculations were utilized for nine other models. Asahi newspaper said Mitsubishi Motors forged data for 3 additional models and that the carmaker made hypothetical calculations for the mileage of 10 additional models that are obsolete.

Major resistance - 5205 (21 4H MA)
Major Support - 5130 (200 day MA)
ASX200 has recovered till 5198 at the time of writing from the low of 5143 made yesterday .The index has not able break above 5200 and has started to decline from the high made today. It is currently trading at 5170.
Short term trend is slightly bullish as long as support 5130 holds. Any violation below major support will drag the index down till 5075/5000 in the short term.
On the higher side any break above 5205 will take the index to 5250 (55 day EMA)/5300/5337 (21 day MA). It is good to buy at dips around 5160-65 with SL around 5130 for the TP of 5250

Microsoft Corporation has appealed to a federal court to discard a ruling by the U.S. labor board to broaden the duties of companies for contract workers with regards to benefits. The NLRB released a decision in August 2015 that expanded the definition of a joint employer which could oblige more companies to negotiate with and have accountability for workers hired by contractors. Microsoft's brief claimed that the 2015 decision was too expansive and would intimidate Microsoft and others from advising contractors to grant benefits to their employees, as the ruling would make the tech companies a joint employer. A source reported that there were nearly 81,000 temporary and contract employees under Microsoft at one point in 2015.

USD/JPY is currently trading around 104.59 marks. It made intraday high at 104.82 and low at 104.22 levels. Intraday bias remains slightly bullish for the moment. A daily close above 105.19 is required to take the parity higher towards key resistances around 106.12, 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively. Alternatively, a sustained close below 104.00 will drag the parity down towards key supports at 103.54, 102.10 and 101.56 levels respectively. Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.

Revlon Inc. is set to buy Elizabeth Arden Inc. in an $870 million agreement. The cosmetics maker company is aiming to boost its skincare and fragrance enterprise and expand in the Asia-Pacific market with this acquisition. The equity value of the transaction is $419 million, derived from Elizabeth Arden's outstanding stocks at the beginning of May. This investment comes after Revlon majority stockholder Ron Perelman stated that he would look for strategic options for the company and to improve competition against rivals such as Estee Lauder Cos Inc and L'Oreal SA.

Asian stocks climbed as mounting expectations of the United Kingdom voting to stay in the European Union eased risk worries and the pound strengthened against other currencies.

There was a gain of 0.4% in MSCI's broadest index of Asia-Pacific shares outside Japan while Japan's Nikkei was up 1.5%, reinforced by the weakening of the lately bullish yen. Australian stocks increased 0.3% and South Korea's Kospi gained 1%.

Meanwhile, the pound surged 1.4% to $1.4573, continuing its recovery from last week's two-month low of $1.4013. It leaped 1.9% to 152.50 yen GBPJPY=R, moving away from a three-year trough of 145.34 on Thursday.

AUD/NZD is trading around 1.0504 marks.
Pair made intraday high at 1.0509 and low at 1.0459 marks.
Intraday bias remains bullish till the time pair holds initial support at 1.0455 marks.
On the top side, a sustained close above 1.0547 will drag the parity higher towards 1.0647/1.0748/1.0823/1.0976 (January 2016 high) /1.1062 (30D EMA)/1.1123/1.1298/1.1317 levels respectively. Alternatively, a daily close below 1.0455 will take the parity down towards key supports around 1.0408(June 9, 2016 low), 1.0362 and 1.0231 marks respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart. Current upside movement is short term trend correction only.
Today Australia released meeting minutes and HPI data.
Australia’s HPI fell to -0.2% q/q vs 0.2% q/q previous release.
RBA minutes: Board judged leaving rates steady at June 7 meeting was consistent with sustainable growth.
RBA minutes: Low interest rates and weaker A$ since 2013 helped support above potential growth in Q1.
RBA minutes: Growth in household disposable income had been stronger than measures of income growth for overall economy. We prefer to take short position in AUD/NZD around 1.0525, stop loss 1.0572 and target 1.0416/ 1.0374 levels.

Brazil agreed to provide debt relief to state governments amounting to 50 billion reais ($15 billion) until 2018, seeking to offer a special loan to Rio de Janeiro prior to Olympics and beef up public services.
Finance Minister Henrique Meirelles unveiled the debt relief as governors met with President Michel Temer, in which they would be given a six-month grace period and 1 ½ year of slashed payments.
Source privy to the matter said Brazilian municipality would receive 3 billion reais ($850 million) loan, payable in the following week.
Rio de Janeiro declared a financial emergency and asked for financing in order to complete the subway which will transport people to the venue of Olympic games and maintain public services during the event.

USD/JPY is currently trading around 104.43 marks.
It made intraday high at 104.85 and low at 104.35 levels. Intraday bias remains bearish for the moment.
A sustained close below 103.94 will drag the parity down towards key supports at 102.10 and 101.56 levels respectively.
Alternatively, a daily close above 104.85 is required to take the parity higher towards key resistances around 106.12, 107.90, 110.44, 112.60 (55D EMA) and 113.42 levels respectively.
Important to note here that, 20D, 30D and 55D EMA heads down and confirms bearish trend in a daily chart.
Today is empty calendar for Japan but later today Fed chair Yellen testimony will provide further direction to the parity. RSS feed